Finances

Financial review

2017/18 was another strong year for the Trust financially, achieving a control total surplus of £3.683m against income of £85.079m. This was the 19th year the Trust has consecutively achieved a surplus position and exceeding the legal requirements to break even by delivering a surplus of 4.77%.

Of the surplus, £2.371m (65%) was earned through the allocation of the Sustainability and Transformation Fund (STF), which is given to providers who deliver or exceed their control total. This can be used to support the purchase of buildings, equipment and IT in future years.

This reflects the hard work and dedication from all of our staff to ensure we deliver quality services in an efficient and effective way. Good financial management is vital for the success of the organisation and to deliver high quality care for our patients and service users.

2017/18 £000s

2016/17 £000s

Income

Sustainability Transformation Fund

Income

82,708

2,371

75,079

80,729

1,104

81,883

Expenditure

(79,372)

(79,398)

Operating surplus

5,707

2,485

Net finance costs

(1,842)

(1,734)

Surplus for the year

3,865

751

IFRIC 12

Impairment

Pension Adjustment

(190)

8

127

1,173

Adjusted retained surplus

3,683

2,051

We are pleased to report that our financial results for 2017/18 were better than our £1.4m plan by £2.283m (including £1.871m Sustainability & Transformation Funding (STF) not included in the plan).This is against the backdrop of a tightening of the public purse.

Further information on our Financial Performance is contained in our Annual Report – available here

Expenditure over £25,000

In accordance with the government’s commitment to greater transparency, the Trust is required to publish online expenditure over £25,000. Expenditure, for the purposes of this exercise, is all individual invoices, grant payments, expense payments or other such transactions that are over £25,000. Certain expenditure, such as that related to the Trust’s payroll and money administered on behalf of clients, is excluded from the scope of these disclosures.

The Trust will publish expenditure over £25,000 on a monthly basis, as stipulated by HM Treasury.

To see the expenditure over £25,000 reports for 2018, please click here

Data inclusions

The Trust has included the following within the files showing the expenditure data:

Name of Department (the Department of Health being the Trust’s ‘parent’ department)

The name of the Trust (North Staffordshire Combined Healthcare NHS Trust)